Evoke expects to report a 5% year-on-year (YoY) increase in Q2 revenue, as the London-listed company released a preliminary trading update today, 22 July.
Based on Q2 2024’s revenue of £431m, the 5% increase would see evoke post £452.6m in revenue for the reporting period this year.
The 5% increase was fuelled by online growth of around 6%, management added.
Futhermore, evoke pointed to continued gains in its international core markets of Spain, Denmark, Italy and Romania, well as a return to growth in retail as key drivers.
Looking at H1, evoke said revenue was up 3% YoY. Extrapolating this against H1 2024’s return of £862m would mean H1 2025 revenue is forecast to land at around £905m.
The expectations demonstrate a return to growth for the company. From H1 2023 to H1 2024, revenue declined 2%.
Evoke noted double-digit gaming growth in both Q2 and H1, though Q2 sports betting revenue was impacted by the fact last year’s reporting period included Euro 2024.
H1 adjusted EBITDA is anticipated to fall between £163m and £167m, which would represent 43% YoY growth at the mid-point.
Evoke added that this figure would deliver adjusted EBITDA over the last 12 months of more than £360m.
Improved marketing returns and evoke’s cost savings were highlighted as the reasons behind the improved profitability.
In H1 2024, adjusted EBITDA hit £115.5m, a 26% decline from H1 2023. That was driven by a decrease in revenue, as well as exits from dotcom markets.
Looking ahead to the remainder of 2025, evoke said it was retaining its revenue growth guidance of between 5% and 9%, alongside an adjusted EBITDA margin of at least 20%.
Management said the targets would be met in H2 thanks to “product delivery, improved marketing returns and further cost savings”.
Evoke’s shares rose almost 2% in in early trading to 62.5p. Evoke is up 2% in 2025.
Per Widerström, evoke CEO (pictured), said: “I am pleased to report an improvement in the growth rate during Q2, with retail returning to growth and continued double-digit performance in our international core markets.
“Q2 2025 marked our second strongest quarterly revenue performance since the beginning of 2023, a particularly encouraging result given the tough comparator from lapping the Euros.
“Importantly, this growth was also delivered profitably, in line with our focus on sustainable profitable growth, with H1 adjusted EBITDA significantly ahead year over year, supporting our strong deleveraging trajectory in line with the value creation plan.”
The CEO added that improvements to its customer value proposition and a focus on core markets was “delivering improved profitability and enabling further deleveraging”.
Evoke will report its full H1 results on 13 August.
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